Investment Rating - Maintain BUY rating with a target price of US79[2][4]CoreViews−Zhihudeliveredbetter−than−feared1Q24resultswithrevenuedown347 9 with an upside potential of 148 7% from the current price of US$3 18 [4] - Share performance shows a 1-month decline of 18 0% and a 6-month decline of 43 5% [5] Business Segments - Marketing services revenue is expected to decline 25% YoY in 2Q24E while paid membership revenue is forecasted to decline 4% YoY [2] - Vocational training revenue is expected to decline 7% YoY in 2Q24E as the company focuses on high-quality development and shrinks low-margin subjects [2] Efficiency and Cost Management - Group gross margin is expected to improve by 2 5ppts YoY in 2Q24E driven by disciplined expenses and operational efficiency [2] - Operating expenses are forecasted to decline with a focus on cost control and higher efficiency [2]